期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2016
出版社：University of Surrey
摘要：Wary agents tend to neglect gains at distant dates but not the losses that occurat those far away dates. For these agents, Ponzi schemes are not the only improvingschemes compatible with non-arbitrage pricing. However, ecient allocations can besequentially implemented by allocating money and then, at subsequent dates, taxingsavings plans whose open end bene ts to wary agents outweigh the cost of carrying oncash. The allocative role of money does not disappear over time and the transversalitycondition allows for consumers to have limiting long positions. Money supply does nothave to go to zero and, actually, there are equilibria where it does not. We address alsowhy at money does not lose its value when Lucas trees are available.
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